NEW YORK, NY / ACCESSWIRE / October 15, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Acadia Healthcare Company, Inc. ("Acadia" or the "Company") (NASDAQ:ACHC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Acadia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On Sunday, September 1, 2024, The New York Times published an article entitled "How a Leading Chain of Psychiatric Hospitals Traps Patients." Citing "records reviewed by The Times", the article reported that "Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary" and that "[i]n at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees and police officers have alerted the authorities that the company was detaining people in ways that violated the law,"
On this news, Acadia's stock price fell $3.72 per share, or 4.54%, to close at $78.21 per share on September 3, 2024.
Then, on September 27, 2024, Acadia disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that "[o]n September 24, 2024 [it] received a voluntary request for information from the United States Attorney's Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri […] related to its admissions, length of stay and billing practices[;]" that "Lakeland Hospital Acquisition, LLC, a subsidiary of Acadia, also received a grand jury subpoena from W.D. Mo. on the same day regarding similar subject matter[;]" and that "Acadia anticipates receiving similar document requests from the [SEC] and may receive additional document requests from other governmental agencies."
On this news, Acadia's stock price fell $12.38 per share, or 16.36%, to close at $63.28 per share on September 27, 2024.
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SOURCE: Pomerantz LLP